In 2019 Ann received 1,000 shares of stock as a gift from her husband, Tim, who purchased
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In 2019 Ann received 1,000 shares of stock as a gift from her husband, Tim, who purchased them in 2010. At the time of the gift, the FMV of the stock was $29,300 and Tim’s basis was $31,000. If Ann sells the stock for $26,834 in 2019 what is the nature and amount of the loss from the sale?
a. $2,466 short-term loss.
b. $1,700 long-term loss.
c. $4,166 long-term loss.
d. $2,466 short-term loss and $1,700 long-term loss.
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Related Book For
Fundamentals Of Taxation 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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